Safety glass manufacturer PT Asahimas Flat Glass reported net profit of IDR 163.29 billion in 2003, down 21% from IDR 206.68 billion in 2002 because of rising costs and non-operating losses.
The comp…
Safety glass manufacturer PT Asahimas Flat Glass reported net profit of IDR 163.29 billion in 2003, down 21% from IDR 206.68 billion in 2002 because of rising costs and non-operating losses. The company said sales increased nearly 5% to IDR 1.36 trillion from IDR 1.29 trillion but gross profit was almost unchanged at IDR 452.93 billion as production costs increased. The operating profit went down to IDR 238.33 billion from IDR 242.78 billion in the previous year against a background of rising operating costs. Profitability was further affected by net other charges of IDR 11.52 billion compared to net other income of IDR 42.30 billion previously. The loss resulted mainly from an IDR 20.56 billion loss due to the disposal of a long-term contract and a decline in foreign exchange gains to IDR 16.97 billion from IDR 67.68 billion in 2002. (USD 1 = IDR 8,587)